• Dublin-based crypto exchange OKX is potentially looking into layoffs to save money and help recover after the 2022 crypto winter.
• All employees are going through a consultation period to reallocate resources, with only less than one percent of staff being let go.
• The news comes shortly after OKX served as a sponsor of Istanbul Fintech Week in Turkey, amid a turbulent year for the digital currency industry.
OKX Exchange Hints Potential Layoffs
Dublin-based crypto exchange OKX has hinted that it’s potentially looking into laying off roughly one percent of its staff as a means of saving money and helping itself during this time of recovery after the 2022 crypto winter.
Consultation Period
The company is putting all employees through a consultation period. The goal is to see what resources can be reallocated and to see which members of the present headcount are no longer serving forward-moving purposes. A spokesperson for OKX mentioned in a statement: We recently made the decision to enter into employment consultation with less than one percent of our global workforce, employed through OKBL (Dublin) Services and Technology Co. Limited. All affected employees will be assisted through their transition[s] by the company. Net global headcount remains unaffected. This is primarily a global resourcing decision on our part, and we intend to grow our global headcount in 2023. We remain committed to Dublin as an important strategic location.
Turbulent Year for Crypto Industry
The news comes right after OKX served as a sponsor of Istanbul Fintech Week in Turkey. The event saw several crypto, fintech, and blockchain entrepreneurs fly in from all over the world to meet with innovators and investors. 2022 was easily the worst year on record for the digital currency arena. During that time, bitcoin – which had previously been trading at a new all-time high of about $68,000 per unit (that was in November of 2021) – fell by more than 70 percent and ultimately ended the year at a measly $16,600 Several other cryptocurrencies chose to follow in BTC’s footsteps, thus causing the digital currency space to lose more than $2 trillion in valuation..
Layoffs Across Crypto Space
The crypto winter and subsequent fall of prices caused many problems for companies within the digital currency space. Many were forced to contend with staff shortages and layoffs including Gemini exchange in New York which let employees go through two separate incidents – first happened last summer & second recently due COVID-19 pandemic crisis .
Hope For Recovery?
While BTC and digital currencies have shown signs life over past two months , things are not where they should be , there is still plenty work that up coming bulls need do if they want see crypto repair itself .